Yes. It is but he is not very concise and no not very eloquent in English. No. And he is using difficult words difficult to follow. If he wants to educate us to create a movement he has to simplify his language.
@@chrispapa2782 Lol the fact that he knows his words is what makes his English eloquent; that is literally the definition of eloquent. He got his Ph.D. in England and was teaching in Australia for most of his life. I don't think you should be worried about his English.
HE DESTROYED GREECE,, singlehandedly.. a chinese communist socialist nutter who never created a single job nor built a single factory for a decade with 500 BILLION euroes.. his opinion is beyond WORTHLESS on anything.. we lived in crete during his disastrous rule.. he lives in TEXAS and has a texas JOB.. in a capitalist state with #3 economy in the world.. he DESTROYED the #200th economy in the world
i'm binge-watching Varoufakis's talks for last two days - what a brilliant honest (seems to be) and straight forward person. How do we make him the president of the world, well, at least the temporary tyrant (in the original, greek meaning of the word) of EU?:)
+Toxis Yanis will soon return as the Finance Minister of Greece. The sequence of events will be: IMF refusing to join the 3rd bailout since the EZ creditors can't come up with a debt relief plan acceptable to the IMF, everyone acknowledging that the 3rd MoU is legally invalid without the IMF's signature and no mechanism to initiate another ESM bailout without the IMF since the excuse for the previous one (potential insolvency of some of the big 4 Greek banks) is no longer valid and no one can pretend that a Greek default on its debt is a threat to the stability of the euro (since it already happened on the 1st of July 2015 and didn't affect the euro at all), Greece being offered debt write offs/write downs if Greece exits the EU (article 125 of the TFEU prohibits debt write downs/write off on fellow EU government debt, but won't be applicable if Greece leave the EU) and hence euro, with a promise to readmit Greece after a few years i.e. the Schäuble plan, Aleksis Tsipras refuses to accept the Schäuble plan and calls fresh elections, with Yanis by his side, this time with a promise to keep Greece in the EU and EZ by defaulting on the debts, implementing the Varoufakis plan, he rejected in July 2015, to keep the Greek banks open and Greek economy running even though Greek banks would again be cut off from ECB liquidity just like on the 1st July 2015. I expect the Syriza victory in those elections will be a historic one and Yanis will again take the reins of Greece's Finances. After he successfully implements his plan to turn Greece around and put her firmly on the path of economic recovery, every country in the EU will look to him eagerly for solutions to their problems. He won't be a dictator, but will become the single most influential person on economic matters within the EU.
Conscious Being wow that's a very particular prediction - if this comes to being - I'll find you and I will buy you a beer! well, and maybe ask to give me 7 random numbers.. you know for euro-jackpot =)
Toxis About the only part of the prediction that I could rally take credit for is Aleksis calling a fresh election with Yanis by his side and with a promise to implement the Varoufakis plan. I make that prediction based on Yanis' refusing to blame Aleksis for the "surrender" after a win for the 'Oxi' and a statement Yanis made before the previous election that he is 'sitting the election out', not retiring from politics. He obviously saw himself returning to electoral politics. I am merely guessing the circumstances under which it could happen at the earliest. The rest of them, like the IMF refusing to sign the MoU, MoU becoming operationally invalid etc. are like "predicting" the time of next solar eclipse; not everyone is equipped to do it, but is a matter of simple calculation based on well understood behaviour of different bodies involved. Guessing the winning combination of euro-jackpot requires a capability I don't possess.
Oh yes !! Yanis, is my Economics hero! The Greek people should be very proud to have him representing them , to tell their story !! Austerity! A word their young people will be very conscious of to bring about needed changes !!!!!!!!!
Absolutely, Yanis is an international treasure, and in my judgement, an integral, _indispensable part_ of the modern worldwide left. A deeply principled, incorruptible person with a backbone of steel, and one of the most *effective & important economic and political communicators* of our time. I am _incredibly grateful_ for all of the work he's done and been doing.
Yanis' experiences need to be made into a Yes Minister like TV show ASAP so people throughout Europe can fully understand what a non-democratic EU is really like on the inside.
A gentleman to the core. Go to his lecture at Cambridge USA for a more recent update and explanation 2018 on the shift of power from People to Wall Street banks.
These is is the kind of politiciens Europe, should have in power, to recover dignity, and mean something, in this ever changing world.❤Janis Varoufakis
TRANSCRIPTION - PART 2 The notion that all the ants of Europe live in the North and all the grasshoppers have congregated in the South and in Ireland would be quaint if it were not so catastrophic. So, let's blame a Greek and I choose Aesop to be the one to blame. The reality, of course, is quite different. There are ants and there are grasshoppers in everyone of our member states in the Euro zone. So, allow me now to re-calibrate the Aesop story in the context of a second narrative - not the official one but the one that I want to communicate with you. In 2000 we created, as I mentioned before, actually we recreated the gold standard in the heart of Europe. We created a fixed exchange rate regime that was extremely tightly knit because we gave up our currencies. It is not just that we fixed exchange rates. We fixed them in a way that is more or less irreversible by doing away with these currencies and replacing them with the Euro. But we forgot to add to this monetary union the shock absorbers that are necessary in order to do two things. Firstly, to prevent shocks from coming. And secondly, from absorbing them when they come. Instead, we removed shock absorbers from Central Europe and ensured that when the shock would come it would be maximum. Let me be a bit more specific about this. Take Germany and take Italy, or let's say Germany and Greece because these are the extreme cases that resonate in people's minds. Greece always had a trade deficit vis-a-vis Germany. Always did, always will. In the same way that East Germany has a trade deficit vis-a-vis West Germany, that London has a trade surplus vis-a-vis Yorkshire and Wales, and always will. This is what happens within Austria - there are deficit parts of Austria and surplus parts of Austria. Within Vienna, there are deficit and there are surplus suburbs of Vienna. This is what happens when you have a market economy. There are deficit and surplus parts. When two different economies and political economies are bound together through trade but they still retain their currencies, the deficit country's currency constantly devalues and that is a shock absorber that effectively puts the brakes on the expansion of the trade imbalance between the two. Because imports into the deficit country become more expensive and its exports to the surplus country become cheaper. So, every time the Italian lira devalued, Fiats became... restored some of their competitiveness vis-a-vis Volkswagen. Ooops, I shouldn't have said that word! I won't mention diesel engines. Now, when you lock those currencies together and when you replace them with a single currency, effectively the Deutsche Mark, now what happens then? The deficit-surplus relationship is maintained - still the deficit country will have a deficit vis-a-vis the surplus country. But the cash that moves from the deficit to the surplus country every time an Italian buys a Volkswagen - a Volkswagen goes to Italy from Germany and a bundle of cash goes from Italy to a German bank account, usually somewhere in Frankfurt. So, a mountain of capital that is amassing in the financial center of the surplus country is by definition the other side of the current account surplus that that country has vis-a-vis the deficit country. Now, what does a banker fear most? Idle cash. Money that is sitting there in the bank not being lent. That is the worst nightmare for a banker. To have money that he or she is not lending out. Now, when there is this mountain of money or, if you want, a lake of idle cash in Germany in Frankfurt, due to the fact that Germany has a large current account surplus vis-a-vis Spain, Greece, Italy, there is a tendency for the German banker to want to lend it to the deficit country. Why? Because there is an oversupply of cash, of money, in the surplus country. So, the price of money in Germany is very low. What's the price of money? The nominal interest rate, the yields. And because there is a dearth of capital in the deficit country because it has flown to the surplus country, the price of money there, the interest rate is high. So, there is an interest rate differential. Interest rates are, by definition, much higher in deficit countries than in the surplus countries. So, the banker in the surplus country has an incentive, it's his job, that his job. I mean, they don't do that, they are in dereliction of their duties to their shareholders. It's their objective, therefore, duty to take that money and lend it to the deficit country. Now, when a deficit country has its own currency, the banker in the surplus country thinks twice about it. Because if there is a danger of devaluation in the deficit country, you fear that you give this money to the deficit country... it will devalue. And then it would be hard for the debtor in the deficit country to repay you. But if you have a fixed exchange rate, that fear goes away. You see, lending to Athens is the same thing as lending to Stuttgart, it's the same currency. There will be no devaluation. So, what happens when you bind together disparate economies monetarily without introducing any other form of recycling surpluses and deficits, is that there is a tsunami of capital from the surplus to the deficit countries. It is absolutely impossible to avoid that. In the history of capitalism we have seen this every time. When the gold standard was created in the 1920's and fixed exchange rates became the norm, this is what happened.
Yanis on the Eurogroup at 2:08:30 you say: "... all the decisions have been made before. Don't ask me by whom." Do you just not know who has made those decisions beforehand and how the decisions were arrived at? What do you suppose? Who does call the shots? OR You do know the answer with a reasonable probability, but you do not want to tell it or you cannot tell it? Why don't you want or why can't you tell it? Thank you Yanis for your work, thank you WU Vienna and everybody involved for enabling such conversations, keep it all up you guys!
+Nicolas Hofer do you want him to be found dead in some hotel apartments ? if he mentioned the global cabals and their plans then it would be foolish of him to feel safe .
Got your point. However, isn't it even more likely to put your life in danger if you actually _hold back_ information? (potentially incriminating information?) What sense does it make to get rid of you, if you've already published everything you know (if you actually _know_ at all)?
Seize the Day. Thank you Yanis I am reminded of PLATIO’s “Republic” and the analogy of “The Divided Line” and the analogy of “The Cave” and the analogy of “The Sun”. It is the role of the philosopher to go back into the cave and to entice those who see only the shadows and drag them into the light.- the reality. “The Divided Line” perhaps encourages that there is the possibility of the “infinite” and the metaphysical, something beyond the physical that may well be transformative for humanity - ie The struggle of the forms….leading to Aristotle’s median path and ethics…. and Faith Vs Reason and the dichotomy of the Good and Evil. The Virtues of the Divine. Thank you for the inspiration tonight. 2:09:34 ⭐️⭐️⭐️⭐️⭐️
This should be compulsary listening for policy makers in Europe. Alas, usually those policy makers tend to listen to nobody, considering themselves as "wise (wo)men" and sticking to economic orthodoxy, because that is all there is to them in their group-think.
TRANSCRIPTION - PART 4 You know, in the old times down deep mines in Belgium, in Germany, the (?Ruhl?), in Britain, miners used to carry with them a small cage with a canary. And they would hang it there. And it was a harbinger of terrible things to come. The purpose of the canary, because it had a weaker constitution than the miners, was to die when the methane gas flowed. As an early warning system that methane is happening. The canary was not responsible for the disaster. It was an early warning system. Greece is the canary of the Euro zone. We fell on our face. First, because we were the flimsiest social economy in the Euro zone. But the reason why we were capable, in spite of being a little canary, to spark off this domino effect and to remain a subject of conversation, and headlines, this simply reflects the problems with the architecture of the Euro zone. If you look at the history of the dollar zone, also known as the United States of America, you will see that in the last 200 years it too began as a flimsy union. The United States initially was a kind of confederacy. It did not have the institutions that it has today. The American president, George Washington, and the others who followed him had very little power. They had a very small budget. Even all the way up to 1932 there was a danger of the dollar zone breaking up. But the profound difference between Europe and the United States of America, our union and their union, is that every time they had a crisis, every time they had a financial scare, every time they had an implosion, a debt crisis, a banking crisis, they got closer together. They created institutions that bonded the different states and the American people closer together. They had a Civil War, too. And that was also a bonding exercise, like family feuds usually are, one hopes.
+JuliusTZM Hi, Julius! Does TZM stand for The Zeitgeist Movement? That would be awesome! I did some transcription on some of the projects for them and the Linguistic Team International. I did try once Amara, I think, but mostly used Dotsub. I remember Rodrigo from LTI posted a link once to Amara.
he is saying all this in his second language. thats truly amazing. the guy is a genius. he makes me feel sooooo stupid!! we could do with you in ireland Yanis!! pity we never even put up a fight to the Eurogroup and the ECB and the troika. at least you did.
The food stamps proposal would be a catastrophe, there are so many issues and complexities that this would create. However, the idea of stimulating the Eurozone centrally is a good idea.
We the people, in order to form a more sane, acceptable union do hereby declare ourselves to be an ongoing imperfect striving Democracy!!!! Churchill and FDR are two of my heroes !! Capitalism quite obviously cannot continue being the big bully on the school ground !! Franklin taught us that capitalism and socialism can only prevail by working together to promote domestic tranquility !! Winston taught us that working, striving together as a unified people could only bring about SUCCESS for all to survive and coexist !!!!
Somehow it doesnt work for me. I just get the choice of adding subtitles by myself. :) It would be a pleasure but my english isnt that perfect I guess. And of course, my time is also too short!
Famous last words: all the decision have been made before the meeting, do not ask me by whom. I thought that I was actually going to learn something. Ah well...
This Genius creates a New Party in Berlin. ✊ As long as People like Varoufakis are around, there is still Hope. Please DIEM25 Schools Everywhere for our children.👩🎓 🌏
6:40...anecdote*:... the young people (next-generation) of Austria...only one question: ...How do you get the money back? ....answer: 2015 11 12 Vortrag Dr Heiner Flassbeck (TH-cam) Volker Teichert, Veröffentlicht am 14.11.2015 47:00 - 53:36...Ein Land kann keine Schulden zurückzahlen, wenn es wirtschaftlich -->nicht
+Mike Sobirey ... we won’t get our money back, - a fact, that was pretty obvious from the beginning of this Greek tragedy, ... a fact, Varoufakis confirmed a heap of times in previous speeches, talks and interviews. ... thank you for your comment and this »quote« - I hold Flassbeck in high regard!
yanis varoufakis is one of a man. cultured, educated, respectful , human been. i just wonder why always talk about americans??????? he try to say federal reserve system in america controls the world:) ?
He talks a bit in riddles who is to blame for the crisis? Did the Greeks play by the rule with their inadequate tax system.The Italians with their fly by night politicians.Or is it all the Germans fault because they work hard and pay their way.Greece and Italy should have never been allowed to join the E.U before they had their house in order.
What does it mean for any other European if Greece does not repay its debts? Apart from that, he would gain credibility if he discussed the reason of which the Greek culture is still inadaptable to the European Union. This is an important problem he should and could address.
If we can have tariff free trading now when we're still using sterling then why can't we stay the same when we leave the EU something like credit default swaps so we don't need accustomed Union and Northern Ireland can stay the same leave it 2 the Republic of Ireland to be the backstop and not northern Ireland
He makes the joke a lot, but stays very funny, start at 09:44. And at the time when you start realized that the avarage European have a common feeling about the France, is more hilarous. The Joke is working almost everywhere :-) Offcourse people ouside Europe, there is no real hate. That been said, there are also not femous t because of there friendlyness (in general they actual are very friendly in my experience). Im wondering how the average ''Français'' thinks about the joke? Maybe the answer must be find in our historic holiday habbits.....
Its a honour to be the butt of the joke, means we have enough sense of humour to take it 😏 + our attitude in foreign countries is rarely examplary so it's also close to reality I got kicked out of a korean dorm for saying "ching chang chong" to a korean guy who was mad at me making noise being drunk at 3 am... many such cases (especially when soju is involved 😂)
Compared to the parade of useless, empty, talking heads repeating the same old tired song, 'tax breaks for the wealthy, austerity for everyone else', Varoufakis is the sound you hear when the stuck elevator begins operating again.
While I do not share his (Y.V.) determined/willful optimism, I do agree that some kind of rethinking of the European Project itself is critical and long overdue, particularly now with the refugee crisis/influx (worsening by the day). Maybe re-introduce the modest notion that perpetually increasing profit-margin models are NOT a basic human right, to say nothing of the fact that it's (infinite growth) simply not a realistic or sustainable expectation (delusion). -As if infinite growth could be extracted from finite resources. Another idea would be for central governments to subordinate (by whatever means necessary) business interests to State regulation (NOT oversight), particularly defense contractors and global bank conglomerates. -Multi-national corporations LEGALLY suing sovereign governments for loss of "projected" (arbitrary) profits?! Lastly, at a personal, every-day level, I would propose a discretionary policy of non-participation, not to be confused with cynical, apathetic paralysis (depression).
We are in Kapput_alism already , so let us find other social conventions together with other political infrastructures and respecting democracy and New Humanity's Rights ( completed Human Rights ) to get out of capputalism ! I think about a global Open Social University with a universal social status for each , an open cap crypto to register it in block-chains , and last but not least inalienable ! It will put an end to all unjust inequalities, exploitations, stealing rights, will allow regain of social rights since birth , non-bankable , non-monetary , it will work in O.S.U. to build up 'use-value ' , non-speculative , stable value etc.....
What he’s saying is that there’s an awful lot of salesmen sitting around doing nothing to feed themselves when he’s a much better lead for the species. Lol. I do agree.
Your Video: Yanis Varoufakis: Democracy Under Siege, Carnegie Conversations Is not available in the United States per message in the video window.WTF is going on?Someone commented on my comment but I am unable to reply because of the video being blocked in the USA. Cowardice? Money? What's your problem? Just asking.
+q7winq7 Dear q7winq7! The video you mentioned, isn’t »my« video and I didn’t even upload it to my channel. You should ask »Carnegie Endowment« (U.S. Government »Think Tank«) why they block the »Varoufakis Speech« you mentioned here above in the U.S.
+Arno Kathollnig Yes and thank you. The video I mentioned is on a different (channel?) but since the video wouldn't play there, their comments were also disabled there, so I posted here thinking someone would let them know - as that video used to be available here in the US. Your video is OK and working fine.
Was there any serious investment into Greece within the last 40 years from the rich north? Yes hundreds of thousands of fair skinned bodies eager for sunshine In the Greek shores. Is there any value-added on this?? Hardly any.!!
The solution Greece should pursue has been clear from the off. Leave the EURO. Devalue Start again. Current economic policy is unsustainable and the longer the can is kicked down the road, the worse the ultimate hardship will be - and it's acutely bad as it is now. All for a socialist political ideology. People never learn.
Varoufakis destroyed Greece. He made a mess, he was kicked out of the political party that he ran with, formed his own party and lost again and now he's making profit by telling his version of the story. He presents himself as a hero who just couldn't be part of what he calls 'this hypocrisy'. He is lying don't listen to him. He is making a fortune from these talks. If you have a Greek friend ask them what he has done
Eh... no? He was not allowed to complete his plan because Tsipras decided to give in and he resigned. He was not kicked. Moreover, he didn't make his own party and lost. He has a movement named Diem25 that is bigger than ever with big economists taking part like Chomsky. Take your political biased out of here.
No! don't ask your greek friends cause they don't know shit about economics and they are again victims of media propaganda that portrayed Varoufakis as the main problem in Greece
Varoufakis was a university lecturer until he entered the Greek government in 2015. I seem to remember the Greek economy going down the shitter years before that.
@Oners82 Everyone knows it's really the lizard people controlling things. Hell, maybe they're purposely terraforming! /sarcasm ...Yes, he's mental. Conspiracy theorists usually default into that state
+Steven Goutzioulis (SGMATHS) That's just your narrow thinking talking here. You are participating in the "character assassination" technique that the media produced. It may not be on purpose, but misguidance is misguidance. Greeks had Socrates who was sentenced for the very same reasons.Learn something from it,if you will.
The mudslinging against Varoufakis is proving to be most successful,for a portion of our population.Why?Just because the media regurgitated slander to his person.I know this answers half the question,but the real reason behind this is that,the Eurogroup was majorly displeased with the change of government,which lead to "insubordination" of Greek elected party in regard of blindly accepting their terms.Truth is,austerity did not work,and accepting that fact will make certain parties seem irresponsible to put it lightly.
the man is brilliant . his command of english is amazing .. his ability to decifer whats going on is very valuable.
Yes. It is but he is not very concise and no not very eloquent in English. No. And he is using difficult words difficult to follow. If he wants to educate us to create a movement he has to simplify his language.
@@chrispapa2782 Lol the fact that he knows his words is what makes his English eloquent; that is literally the definition of eloquent. He got his Ph.D. in England and was teaching in Australia for most of his life. I don't think you should be worried about his English.
HE DESTROYED GREECE,, singlehandedly.. a chinese communist socialist nutter who never created a single job nor built a single factory for a decade with 500 BILLION euroes..
his opinion is beyond WORTHLESS on anything.. we lived in crete during his disastrous rule..
he lives in TEXAS and has a texas JOB.. in a capitalist state with #3 economy in the world..
he DESTROYED the #200th economy in the world
@@chrispapa2782 who would you say is an example of someone who is more eloquent than Yanis Varoufakis?
i'm binge-watching Varoufakis's talks for last two days - what a brilliant honest (seems to be) and straight forward person. How do we make him the president of the world, well, at least the temporary tyrant (in the original, greek meaning of the word) of EU?:)
+Toxis I hope he will be successful with DiEM
+Toxis Yanis will soon return as the Finance Minister of Greece. The sequence of events will be: IMF refusing to join the 3rd bailout since the EZ creditors can't come up with a debt relief plan acceptable to the IMF, everyone acknowledging that the 3rd MoU is legally invalid without the IMF's signature and no mechanism to initiate another ESM bailout without the IMF since the excuse for the previous one (potential insolvency of some of the big 4 Greek banks) is no longer valid and no one can pretend that a Greek default on its debt is a threat to the stability of the euro (since it already happened on the 1st of July 2015 and didn't affect the euro at all), Greece being offered debt write offs/write downs if Greece exits the EU (article 125 of the TFEU prohibits debt write downs/write off on fellow EU government debt, but won't be applicable if Greece leave the EU) and hence euro, with a promise to readmit Greece after a few years i.e. the Schäuble plan, Aleksis Tsipras refuses to accept the Schäuble plan and calls fresh elections, with Yanis by his side, this time with a promise to keep Greece in the EU and EZ by defaulting on the debts, implementing the Varoufakis plan, he rejected in July 2015, to keep the Greek banks open and Greek economy running even though Greek banks would again be cut off from ECB liquidity just like on the 1st July 2015. I expect the Syriza victory in those elections will be a historic one and Yanis will again take the reins of Greece's Finances.
After he successfully implements his plan to turn Greece around and put her firmly on the path of economic recovery, every country in the EU will look to him eagerly for solutions to their problems. He won't be a dictator, but will become the single most influential person on economic matters within the EU.
Conscious Being
wow that's a very particular prediction - if this comes to being - I'll find you and I will buy you a beer! well, and maybe ask to give me 7 random numbers.. you know for euro-jackpot =)
+Toxis haha thats what I was thinking.
Toxis About the only part of the prediction that I could rally take credit for is Aleksis calling a fresh election with Yanis by his side and with a promise to implement the Varoufakis plan.
I make that prediction based on Yanis' refusing to blame Aleksis for the "surrender" after a win for the 'Oxi' and a statement Yanis made before the previous election that he is 'sitting the election out', not retiring from politics. He obviously saw himself returning to electoral politics. I am merely guessing the circumstances under which it could happen at the earliest.
The rest of them, like the IMF refusing to sign the MoU, MoU becoming operationally invalid etc. are like "predicting" the time of next solar eclipse; not everyone is equipped to do it, but is a matter of simple calculation based on well understood behaviour of different bodies involved.
Guessing the winning combination of euro-jackpot requires a capability I don't possess.
Oh yes !! Yanis, is my Economics hero! The Greek people should be very proud to have him representing them , to tell their story !! Austerity! A word their young people will be very conscious of to bring about needed changes !!!!!!!!!
Absolutely, Yanis is an international treasure, and in my judgement, an integral, _indispensable part_ of the modern worldwide left. A deeply principled, incorruptible person with a backbone of steel, and one of the most *effective & important economic and political communicators* of our time. I am _incredibly grateful_ for all of the work he's done and been doing.
Great talk. Love it! Yanis is brilliant.
This was a revolutionary speech! A true Greek philosopher with knowledge all over aspects of life!
Yanis' experiences need to be made into a Yes Minister like TV show ASAP so people throughout Europe can fully understand what a non-democratic EU is really like on the inside.
Yanis Varoufakis , a brilliant mind.....
Good overview at the end explaining why economics is like throwing darts in the dark. Interesting project by Yanis for European solidarity.
His force of argument is profound and powerful. Thank you Yanis. Seems like we’re all doomed. Cheers.
God bless you and your life dear Yanis Varoufakis !😊
A gentleman to the core. Go to his lecture at Cambridge USA for a more recent update and explanation 2018 on the shift of power from People to Wall Street banks.
This lecture was difficult to find. Awesome share.
+JQ X Thanks! I‘m glad that you like it.
+Jacky Xiang Hear hear.
Habe den gesamten Vortrag schon überall gesucht - Danke für's Hochladen! :)
Look at the world and Europe now and compare with what he said six years ago. He's brilliant.
Varoufakis: ...There is no alternative to democracy. The alternative of what we are having now is democracy... 1:49:10
I watched one Varoufakis video and youtube has been recommending me multiple more. No complaints! 😄
These is is the kind of politiciens Europe, should have in power, to recover dignity, and mean something, in this ever changing world.❤Janis Varoufakis
TRANSCRIPTION - PART 2
The notion that all the ants of Europe live in the North and all the grasshoppers have congregated in the South and in Ireland would be quaint if it were not so catastrophic. So, let's blame a Greek and I choose Aesop to be the one to blame. The reality, of course, is quite different. There are ants and there are grasshoppers in everyone of our member states in the Euro zone.
So, allow me now to re-calibrate the Aesop story in the context of a second narrative - not the official one but the one that I want to communicate with you. In 2000 we created, as I mentioned before, actually we recreated the gold standard in the heart of Europe. We created a fixed exchange rate regime that was extremely tightly knit because we gave up our currencies. It is not just that we fixed exchange rates. We fixed them in a way that is more or less irreversible by doing away with these currencies and replacing them with the Euro. But we forgot to add to this monetary union the shock absorbers that are necessary in order to do two things. Firstly, to prevent shocks from coming. And secondly, from absorbing them when they come. Instead, we removed shock absorbers from Central Europe and ensured that when the shock would come it would be maximum.
Let me be a bit more specific about this. Take Germany and take Italy, or let's say Germany and Greece because these are the extreme cases that resonate in people's minds. Greece always had a trade deficit vis-a-vis Germany. Always did, always will. In the same way that East Germany has a trade deficit vis-a-vis West Germany, that London has a trade surplus vis-a-vis Yorkshire and Wales, and always will. This is what happens within Austria - there are deficit parts of Austria and surplus parts of Austria. Within Vienna, there are deficit and there are surplus suburbs of Vienna. This is what happens when you have a market economy. There are deficit and surplus parts.
When two different economies and political economies are bound together through trade but they still retain their currencies, the deficit country's currency constantly devalues and that is a shock absorber that effectively puts the brakes on the expansion of the trade imbalance between the two. Because imports into the deficit country become more expensive and its exports to the surplus country become cheaper. So, every time the Italian lira devalued, Fiats became... restored some of their competitiveness vis-a-vis Volkswagen. Ooops, I shouldn't have said that word! I won't mention diesel engines.
Now, when you lock those currencies together and when you replace them with a single currency, effectively the Deutsche Mark, now what happens then? The deficit-surplus relationship is maintained - still the deficit country will have a deficit vis-a-vis the surplus country. But the cash that moves from the deficit to the surplus country every time an Italian buys a Volkswagen - a Volkswagen goes to Italy from Germany and a bundle of cash goes from Italy to a German bank account, usually somewhere in Frankfurt. So, a mountain of capital that is amassing in the financial center of the surplus country is by definition the other side of the current account surplus that that country has vis-a-vis the deficit country. Now, what does a banker fear most? Idle cash. Money that is sitting there in the bank not being lent. That is the worst nightmare for a banker. To have money that he or she is not lending out. Now, when there is this mountain of money or, if you want, a lake of idle cash in Germany in Frankfurt, due to the fact that Germany has a large current account surplus vis-a-vis Spain, Greece, Italy, there is a tendency for the German banker to want to lend it to the deficit country. Why? Because there is an oversupply of cash, of money, in the surplus country. So, the price of money in Germany is very low. What's the price of money? The nominal interest rate, the yields. And because there is a dearth of capital in the deficit country because it has flown to the surplus country, the price of money there, the interest rate is high. So, there is an interest rate differential. Interest rates are, by definition, much higher in deficit countries than in the surplus countries. So, the banker in the surplus country has an incentive, it's his job, that his job. I mean, they don't do that, they are in dereliction of their duties to their shareholders. It's their objective, therefore, duty to take that money and lend it to the deficit country.
Now, when a deficit country has its own currency, the banker in the surplus country thinks twice about it. Because if there is a danger of devaluation in the deficit country, you fear that you give this money to the deficit country... it will devalue. And then it would be hard for the debtor in the deficit country to repay you. But if you have a fixed exchange rate, that fear goes away. You see, lending to Athens is the same thing as lending to Stuttgart, it's the same currency. There will be no devaluation.
So, what happens when you bind together disparate economies monetarily without introducing any other form of recycling surpluses and deficits, is that there is a tsunami of capital from the surplus to the deficit countries. It is absolutely impossible to avoid that. In the history of capitalism we have seen this every time. When the gold standard was created in the 1920's and fixed exchange rates became the norm, this is what happened.
1:48:05 Imagine if the European council's meetings and deliberations were live streamed...What a difference that would make.
+Matt Orfalea
Imagine if TTIP content was made public
+Matt Orfalea they will not let European citizens see they are governed by a dictatorship
Yanis on the Eurogroup at 2:08:30 you say: "... all the decisions have been made before. Don't ask me by whom."
Do you just not know who has made those decisions beforehand and how the decisions were arrived at? What do you suppose? Who does call the shots?
OR
You do know the answer with a reasonable probability, but you do not want to tell it or you cannot tell it? Why don't you want or why can't you tell it?
Thank you Yanis for your work, thank you WU Vienna and everybody involved for enabling such conversations, keep it all up you guys!
+Nicolas Hofer do you want him to be found dead in some hotel apartments ? if he mentioned the global cabals and their plans then it would be foolish of him to feel safe .
Got your point.
However, isn't it even more likely to put your life in danger if you actually _hold back_ information? (potentially incriminating information?)
What sense does it make to get rid of you, if you've already published everything you know (if you actually _know_ at all)?
When the woman near the end said she felt like a lab mouse in an experiment, it broke my heart.
Resonates with me too. I think the rich and powerful do view us, consciously or subconsciously, as little more than mice in an experiment.
+Pierre Stafleu yes, or as livestock, or beasts of burden. Whatever they see us as, its not human like them.
As an Irishman I never thought I'd hear us being compared to Nevada
Seize the Day. Thank you Yanis
I am reminded of PLATIO’s “Republic” and the analogy of “The Divided Line” and the analogy of “The Cave” and the analogy of “The Sun”. It is the role of the philosopher to go back into the cave and to entice those who see only the shadows and drag them into the light.- the reality. “The Divided Line” perhaps encourages that there is the possibility of the “infinite” and the metaphysical, something beyond the physical that may well be transformative for humanity - ie The struggle of the forms….leading to Aristotle’s median path and ethics…. and Faith Vs Reason and the dichotomy of the Good and Evil. The Virtues of the Divine. Thank you for the inspiration tonight. 2:09:34 ⭐️⭐️⭐️⭐️⭐️
Keep talking V !!
This should be compulsary listening for policy makers in Europe. Alas, usually those policy makers tend to listen to nobody, considering themselves as "wise (wo)men" and sticking to economic orthodoxy, because that is all there is to them in their group-think.
TRANSCRIPTION - PART 4
You know, in the old times down deep mines in Belgium, in Germany, the (?Ruhl?), in Britain, miners used to carry with them a small cage with a canary. And they would hang it there. And it was a harbinger of terrible things to come. The purpose of the canary, because it had a weaker constitution than the miners, was to die when the methane gas flowed. As an early warning system that methane is happening. The canary was not responsible for the disaster. It was an early warning system. Greece is the canary of the Euro zone. We fell on our face. First, because we were the flimsiest social economy in the Euro zone. But the reason why we were capable, in spite of being a little canary, to spark off this domino effect and to remain a subject of conversation, and headlines, this simply reflects the problems with the architecture of the Euro zone.
If you look at the history of the dollar zone, also known as the United States of America, you will see that in the last 200 years it too began as a flimsy union. The United States initially was a kind of confederacy. It did not have the institutions that it has today. The American president, George Washington, and the others who followed him had very little power. They had a very small budget. Even all the way up to 1932 there was a danger of the dollar zone breaking up. But the profound difference between Europe and the United States of America, our union and their union, is that every time they had a crisis, every time they had a financial scare, every time they had an implosion, a debt crisis, a banking crisis, they got closer together. They created institutions that bonded the different states and the American people closer together. They had a Civil War, too. And that was also a bonding exercise, like family feuds usually are, one hopes.
+JuliusTZM Hi, Julius! Does TZM stand for The Zeitgeist Movement? That would be awesome! I did some transcription on some of the projects for them and the Linguistic Team International. I did try once Amara, I think, but mostly used Dotsub. I remember Rodrigo from LTI posted a link once to Amara.
he is saying all this in his second language. thats truly amazing. the guy is a genius. he makes me feel sooooo stupid!! we could do with you in ireland Yanis!! pity we never even put up a fight to the Eurogroup and the ECB and the troika. at least you did.
But why does nobody tells us this?? Cant believe that we are that blind, unbelievable!
"schäuble: you're overdoing it."
LEL
The food stamps proposal would be a catastrophe, there are so many issues and complexities that this would create. However, the idea of stimulating the Eurozone centrally is a good idea.
We the people, in order to form a more sane, acceptable union do hereby declare ourselves to be an ongoing imperfect striving Democracy!!!! Churchill and FDR are two of my heroes !! Capitalism quite obviously cannot continue being the big bully on the school ground !! Franklin taught us that capitalism and socialism can only prevail by working together to promote domestic tranquility !! Winston taught us that working, striving together as a unified people could only bring about SUCCESS for all to survive and coexist !!!!
1:17:35 The Euro Group does not take minutes! They do not note/record what they say. Europeans don't know what their rulers are saying.
Please add subtitles. It's very easy. YT does it automatically for you if you enable it. Please let me know when you do. Thanks
DONE!
Somehow it doesnt work for me. I just get the choice of adding subtitles by myself. :) It would be a pleasure but my english isnt that perfect I guess. And of course, my time is also too short!
Greeks - the light of the world
Qué bello ese hombre!
4 years on an the struggle continues
Agapi mou kalispera!
Famous last words: all the decision have been made before the meeting, do not ask me by whom.
I thought that I was actually going to learn something. Ah well...
Those at the very top of the chain. In the positions of power, especially of powerful countries and companies.
In the Brexit context: remain and shake-up: sweep away the arrogant bureauracrats; get the show back on a democratic road. Kit Hartley
Finishing COUNTRIES in all finishing international relations rules regulations agreement and others
Oh wow is that Daniela Platsch asking a question at 2:04:00 ? This is probably the start of her political carreer here
This Genius creates a New Party in Berlin. ✊
As long as People like Varoufakis are around, there is still Hope.
Please DIEM25 Schools Everywhere for our children.👩🎓
🌏
6:40...anecdote*:... the young people (next-generation) of Austria...only one question: ...How do you get the money back?
....answer:
2015 11 12 Vortrag Dr Heiner Flassbeck (TH-cam)
Volker Teichert, Veröffentlicht am 14.11.2015
47:00 - 53:36...Ein Land kann keine Schulden zurückzahlen, wenn es wirtschaftlich -->nicht
+Mike Sobirey ... we won’t get our money back, - a fact, that was pretty obvious from the beginning of this Greek tragedy, ... a fact, Varoufakis confirmed a heap of times in previous speeches, talks and interviews.
... thank you for your comment and this »quote« - I hold Flassbeck in high regard!
Yanis at 4:00
It's Aesop's fault...brilliant
Magistral
yanis varoufakis is one of a man. cultured, educated, respectful , human been.
i just wonder why always talk about americans??????? he try to say federal reserve system in america controls the world:) ?
He talks a bit in riddles who is to blame for the crisis? Did the Greeks play by the rule with their inadequate tax system.The Italians with their fly by night politicians.Or is it all the Germans fault because they work hard and pay their way.Greece and Italy should have never been allowed to join the E.U before they had their house in order.
@tiglath pileser they live in their own world. i have been convinced of that by now
What does it mean for any other European if Greece does not repay its debts? Apart from that, he would gain credibility if he discussed the reason of which the Greek culture is still inadaptable to the European Union. This is an important problem he should and could address.
Haha what are you, German?
@@sandworm9528 nope
@@LilaSilk how would you know @silviawittwerau5505
If we can have tariff free trading now when we're still using sterling then why can't we stay the same when we leave the EU something like credit default swaps so we don't need accustomed Union and Northern Ireland can stay the same leave it 2 the Republic of Ireland to be the backstop and not northern Ireland
Orthodox Atheist ...!! Hehe
+Serbensk Serbolas Ok explain !! I can not answer ...when i can not understand what you bobbling about.
Don't waste messages saying nothing.
+Kostas Spiliotopoulos
Kostas...!
I told you to get a REAL JOB...!
+Steven Goutzioulis (SGMATHS) The video i post you proves 100% everything Varoufakis said.
+Kostas Spiliotopoulos
kein Idiot im Saal hats geschnallt
He makes the joke a lot, but stays very funny, start at 09:44.
And at the time when you start realized that the avarage European have a common feeling about the France, is more hilarous. The Joke is working almost everywhere :-)
Offcourse people ouside Europe, there is no real hate. That been said, there are also not femous t because of there friendlyness (in general they actual are very friendly in my experience).
Im wondering how the average ''Français'' thinks about the joke? Maybe the answer must be find in our historic holiday habbits.....
Its a honour to be the butt of the joke, means we have enough sense of humour to take it 😏
+ our attitude in foreign countries is rarely examplary so it's also close to reality
I got kicked out of a korean dorm for saying "ching chang chong" to a korean guy who was mad at me making noise being drunk at 3 am... many such cases (especially when soju is involved 😂)
Compared to the parade of useless, empty, talking heads repeating the same old tired song, 'tax breaks for the wealthy, austerity for everyone else', Varoufakis is the sound you hear when the stuck elevator begins operating again.
While I do not share his (Y.V.) determined/willful optimism, I do agree that some kind of rethinking of the European Project itself is critical and long overdue, particularly now with the refugee crisis/influx (worsening by the day). Maybe re-introduce the modest notion that perpetually increasing profit-margin models are NOT a basic human right, to say nothing of the fact that it's (infinite growth) simply not a realistic or sustainable expectation (delusion). -As if infinite growth could be extracted from finite resources. Another idea would be for central governments to subordinate (by whatever means necessary) business interests to State regulation (NOT oversight), particularly defense contractors and global bank conglomerates. -Multi-national corporations LEGALLY suing sovereign governments for loss of "projected" (arbitrary) profits?! Lastly, at a personal, every-day level, I would propose a discretionary policy of non-participation, not to be confused with cynical, apathetic paralysis (depression).
We are in Kapput_alism already , so let us find other social conventions together with other political infrastructures and respecting democracy and New Humanity's Rights ( completed Human Rights ) to get out of capputalism ! I think about a global Open Social University with a universal social status for each , an open cap crypto to register it in block-chains , and last but not least inalienable ! It will put an end to all unjust inequalities, exploitations, stealing rights, will allow regain of social rights since birth , non-bankable , non-monetary , it will work in O.S.U. to build up 'use-value ' , non-speculative , stable value etc.....
What he’s saying is that there’s an awful lot of salesmen sitting around doing nothing to feed themselves when he’s a much better lead for the species. Lol. I do agree.
❤
YANIS THE SOCIALIST
Your Video: Yanis Varoufakis: Democracy Under Siege, Carnegie Conversations
Is not available in the United States per message in the video window.WTF is going on?Someone commented on my comment but I am unable to reply because of the video being blocked in the USA. Cowardice? Money? What's your problem?
Just asking.
+q7winq7 Dear q7winq7! The video you mentioned, isn’t »my« video and I didn’t even upload it to my channel. You should ask »Carnegie Endowment« (U.S. Government »Think Tank«) why they block the »Varoufakis Speech« you mentioned here above in the U.S.
+Arno Kathollnig
Yes and thank you. The video I mentioned is on a different (channel?) but since the video wouldn't play there, their comments were also disabled there, so I posted here thinking someone would let them know - as that video used to be available here in the US. Your video is OK and working fine.
What a beautiful coat!
He had both and screwed it up for the Greeks.
O NO !!!.😎
English legends, bitte !
✌🏻
I wasn't trying to plaugerise you
All that and so handsome, too!!!
Was there any serious
investment into Greece within the last 40 years from the rich north?
Yes hundreds of thousands of fair skinned bodies eager for sunshine
In the Greek shores.
Is there any value-added on this??
Hardly any.!!
The solution Greece should pursue has been clear from the off.
Leave the EURO.
Devalue
Start again.
Current economic policy is unsustainable and the longer the can is kicked down the road, the worse the ultimate hardship will be - and it's acutely bad as it is now. All for a socialist political ideology.
People never learn.
YANISary "sir" baroufakis... boosting and probrexiteering
brilliant #YanisVaroufakis 👌
Varoufakis destroyed Greece. He made a mess, he was kicked out of the political party that he ran with, formed his own party and lost again and now he's making profit by telling his version of the story. He presents himself as a hero who just couldn't be part of what he calls 'this hypocrisy'. He is lying don't listen to him. He is making a fortune from these talks. If you have a Greek friend ask them what he has done
Eh... no? He was not allowed to complete his plan because Tsipras decided to give in and he resigned. He was not kicked. Moreover, he didn't make his own party and lost. He has a movement named Diem25 that is bigger than ever with big economists taking part like Chomsky.
Take your political biased out of here.
No! don't ask your greek friends cause they don't know shit about economics and they are again victims of media propaganda that portrayed Varoufakis as the main problem in Greece
Varoufakis was a university lecturer until he entered the Greek government in 2015.
I seem to remember the Greek economy going down the shitter years before that.
Your comment is a crime against humanity. I truely beleave you are doing this cause you got manipulated by the media and not because you are evil.
HE DESTROYED NOTHING!
I find his talking very difficult to understand and tiring. He needs some coaching in public speaking.
? Speaks Brilliant!
yanis.. you are indeed should be compared to the Greek philosophers like Aristotle and plato ...
Crash 💥💥🏎️ course 🙀
he ok but going on about global warming crap when its nato causing weather modification and brazil cutting trees that we should be concerned with
@Oners82
Everyone knows it's really the lizard people controlling things. Hell, maybe they're purposely terraforming! /sarcasm
...Yes, he's mental. Conspiracy theorists usually default into that state
@Oners82
The sad part is they usually, rightly, see a problem with the system they're looking at. They just end up running waaaaaay off track.
, gå
Yanis is like the 3rd most annoying person because he talks way too metaphorical and won’t get to the point in a way that doesn’t make you wanna sleep
He is a FIRST CLASS SELL - OUT...!
+Steven Goutzioulis (SGMATHS) Thats only what misguided Greeks think
+SlyFox .Anonymous
You must obviously also be on his Payroll...!
+Steven Goutzioulis (SGMATHS) That's just your narrow thinking talking here. You are participating in the "character assassination" technique that the media produced.
It may not be on purpose, but misguidance is misguidance. Greeks had Socrates who was sentenced for the very same reasons.Learn something from it,if you will.
Why?
The mudslinging against Varoufakis is proving to be most successful,for a portion of our population.Why?Just because the media regurgitated slander to his person.I know this answers half the question,but the real reason behind this is that,the Eurogroup was majorly displeased with the change of government,which lead to "insubordination" of Greek elected party in regard of blindly accepting their terms.Truth is,austerity did not work,and accepting that fact will make certain parties seem irresponsible to put it lightly.
bitter marxist?
poltical class do
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